BTC reaches $ 22K, ETH ‘giga mooning’

by · July 18, 2022

BTC reaches $ 22K, ETH ‘giga mooning’

Bye bye Monday blues, hello bullish news – the total crypto market value has taken back the level of $ 1 trillion. The crypto market value is now almost as valuable as all the silver on the planet.

A price pump for Bitcoin (BTC) brought the world’s most decentralized cryptocurrency to the $ 22,500 series, while Ethereum (ETH) liked a double-digit “giga pump” to kiss the $ 1,500 mark. Their combined efforts have culminated in a 4.8% pump to the entire crypto market, lifting it to a recent high of $ 1.02 trillion.

Bitcoin regained the memorable goal of $ 420 billion in market value, while Ethereum has a total market value of $ 180 billion, after adding more than $ 20 billion in the last 24 hours. According to the graph below, the last time the crypto market crossed the $ 1 trillion level was June 13th.

Total market value for crypto in the last 3 months according to coinmarketcap.com/charts

A reminder of market values; In the case of Bitcoin and most recovered cryptocurrencies, the “market value” refers to the total value of all recovered coins. For Bitcoin, it’s simple: multiply the total number of Bitcoin mined since January 3, 2009 (just over 19,096,775) by the current price per Bitcoin, approx. $ 22,000.

Trillions of dollars were welcome news for crypto fighters on Twitter. They were quick to celebrate the significant milestone, while some, like DonAlt, asked if the new price levels could indicate a bullish reversal:

In fact, the depressed market is eager to bask in bullish news, given that the fear and greed index has been sitting on “extreme fear” or “fear” for several months.

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Caution, fear and the greed index are still in extreme fear. Source: alternative.me

Nevertheless, before reaching for the champagne, you should think about the previous crypto market value all-time high. It tipped $ 3 trillion in the fourth quarter of 2021, which means $ 2 trillion has been lost.

Related: Bitcoin hodling activity is similar to previous market bottoms: Glassnode

The crypto market value reached the same value as Apple’s shares in April 2021 before exceeding $ 3 trillion. However, Apple is currently valued at $ 2.4 trillion, while crypto is at $ 1 trillion. Consequently, there are some ways to go for crypto to match one of the world’s largest, and certainly among the most famous, companies.